French giant, TotalEnergies, according to Norway-based Rystad Energy, is now added to the short list of exploration and production companies to top 2030 renewable energy targets after clinching a major deal to acquire a 50% stake in Clearway Energy Group.
Total’s $1.6 billion deal from Global Infrastructure Partners (GIP) is set to add around 3.85 gigawatts (GW) of operational wind and solar photovoltaic (PV) assets to TotalEnergies’ portfolio. This will complement some 12.5 GW of renewable energy assets in different stages of development across the United States (US). Because of this, Rystad Energy said TotalEnergies has now exceeded its 50 GW 2030 renewable energy target.
“TotalEnergies has had a busy year in the North American renewables market,” Rystad Energy said. This is judging from its acquisition of a 4 GW portfolio of solar and storage projects from Core Solar and also EnBW’s offshore wind assets in the country.
TotalEnergies to partner with QatarEnergy for world’s largest LNG project | OilNOW
Clearway has 7.7 GW of wind and solar assets in operation through its listed subsidiary Clearway Energy Inc. (CWEN) and has a 25 GW pipeline of renewable and storage projects, of which 15 GW are in an advanced stage of development.
TotalEnergies also strengthened its North American renewable energy portfolio in 2021 as well, when it acquired 2.2 GW of renewable energy assets from SunChase Power. It also formed a joint venture with 174 Power Global to develop 1.6 GW of renewable energy projects in the US.
“The trend – at least for the first quarter of 2022 – clearly shows TotalEnergies’ interest in the US renewable energy market,” Rystad Energy noted.
TotalEnergies strikes more oil at Suriname’s Block 58 | OilNOW
Total’s deal with Clearway was finalised back in May. It was dubbed the largest acquisition in the US’ renewable energy sector.
Total currently has a 35% working interest in Guyana’s offshore Canje block alongside JHI Associates, Inc. (17.5%), Mid-Atlantic Oil & Gas, Inc. (12.5%), and operator ExxonMobil (35%).
It also has 25% stake in the Kanuku block, which is also partly owned by Tullow (37.5%) and the operator, Repsol (37.5%).
